Singapore’s Infocomm Media Development Authority and Singapore Customs began a blockchain trial with the Australian Border Force on 23 November 2020 to simplify cross-border trade between Singapore and Australia. The trial, which aimed to prove that trade documents could be issued and verified digitally across two independent systems, was part of an initiative under the Singapore-Australia Digital Economy Agreement (SADEA). The trial successfully concluded on 18 August 2021. How trade is conducted will progressively change and businesses are advised to keep themselves updated of the developments.
For more information, click here to read the full Legal Update.
